While there is some uncertainty over the path of the economic recovery, former Federal Reserve Governor Mark Olson told CNBC he doesn’t see “anything like” a third round of quantitative easing, or QE3, in the cards.

On Tuesday, the U.S. Federal Reserve said the economy was expanding moderately. However, it also reiterated that unemployment remains too high. The Fedsaid interest rates would remain near zero until late 2014 and didn’t acknowledge whether there would be a third round of quantitative easing.

“There was no mention this time about the risks globally,” he said. “There was some concern about what might happen with oil prices, the impact of increased gas prices but I think it was a deliberate effort to make the statement modestly more optimistic.”

While there are some concerns about inflation, Olson thinks it could be offset by improved productivity numbers, which he said will happen when economy starts “generating a little more steam.”

Olson also called Fed Chairman Ben Bernanke is a “realist.”

“He pays very careful attention to the markets and what the markets are telling him and responds accordingly,” he said. “His principal goal, I think is transparency.”